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Tuesday August 12 6:58 AM EDT
Company Press Release
FoodEx Announces International Expansions
EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Aug. 12, 1997--Food Extrusion Inc. (OTC BB:FODX) today announced that it has started shipments of its Stabilized Rice Bran and Rice Bran Soluble products to Sunjoy Enterprises, a subsidiary of the $18 billion (sales) Shanghai AIC Corp.
The agreement, signed in July, is an initial step toward a production joint venture in China. Sunjoy will begin to establish its marketing and distribution facilities over the next 12 months, after which the two companies will negotiate joint manufacturing and distribution facilities in China, Taiwan, and Hong Kong. In the meantime, shipments of the various Stabilized Rice Bran products are forecast to reach 10,000 tons per month by the twelfth month of the agreement.
FoodEx has had discussions with a number of companies and governments from South East Asia, Africa, India, and most recently South America regarding possible joint ventures to produce and distribute national food supplements and additives. The Sunjoy agreement, which took about six months to complete, is projected to be the template for FoodEx to expand its technology and food products into the rest of the world markets.
Allen J. Simon, FoodEx CEO, said, ''Aggressive international expansion is central to our strategy for achieving our sales and profit objectives. It is satisfying to know that as FoodEx grows, we can stay true to our mission: Feeding the World. Rice is the staple food for the world's largest and poorest countries. Installing FoodEx Process(TM) systems in 100 large developing-country rice mills would mean that 1.8 million tons of rice bran would be made available for human consumption. This is enough to help between 30 and 50 million people achieve better lives without planting one new seed.''
Food Extrusion Inc. has developed exclusive technology to stabilize rice bran and manufacture unique rice bran based nutraceuticals and food products.
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Contact:
Food Extrusion Inc.
Robert Hesse, 916/933-3232
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Does any one know if the exclusive technology is proprietary or patented. Any patent numbers I can look up?
Is rice bran the only product from this technology?
What is Allen Simon's background? |
